Thursday, May 8, 2014

No Minimum balance charge for bank account :RBI

RBI has released a notification dated 06.05.2014 in which all banks were directed not to levy penal charges on non maintenance of minimum balance in inoperative accounts .This regulation will be helpful to customer who his having  multiple accounts and not able to operate /maintain minimum balance in each account.
Under this guideline RBI not charge customer for non maintenance of minimum balance rather has asked bank to limit service available to customer if he is not able to maintain minimum balance.Bank should restrict the service to Basic Saving account and restore the service when the balance improve.